Deutsche Bank (Mauritius) Limited Statement of financial position as at 31 December 2013

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1 Deutsche Bank (Mauritius) Limited Statement of financial position as at 31 December 2013 Assets: Cash and cash equivalents 643,070, ,312, ,362,690 Loans and advances to banks - - 6,488,000 Loans and advances to customers 188,952, ,191, ,004,561 Property and equipment 2,153,861 2,670,538 3,078,981 Other assets 7,659,241 5,471,297 6,439,918 Total assets 841,836,465 1,137,645, ,374, Liabilities: Deposits from customers 761,198, ,405, ,915,799 Other borrowed funds 43,367, ,930, ,457,110 Current tax liabilities 47,299 56,045 75,217 Other liabilities 2,036,848 2,429,747 2,796,157 Total liabilities 806,649,690 1,098,822, ,244,283 Equity: Share capital 7,800,330 7,800,330 7,800,330 Revenue reserves 17,440,572 17,885,026 18,433,142 Other reserves 9,945,873 13,138,267 12,896,395 Total equity attributable to equity holders of the Bank 35,186,775 38,823,623 39,129,867 Total liabilities and equity 841,836,465 1,137,645, ,374,150 Approved by the Board of Directors on 31 st March 2014

2 Statement of comprehensive income for the year ended 31 December Interest income 3,775,455 5,423,265 4,602,000 Interest expense (1,505,679) (2,279,820) (1,545,947) Net interest income 2,269,776 3,143,445 3,056,053 Fee and commission income 1,103, , ,237 Fee and commission expense (167,555) (146,009) (133,285) Net fee and commission income 936, , ,952 Net trading income 574, ,414 1,194,703 Other operating income 4,319,229 4,266,131 4,652,788 Operating income 4,893,411 5,006,545 5,847, ,099,465 8,879,579 9,630,496 Personnel expenses 3,317,875 3,091,963 3,559,859 Operating lease expenses 242, , ,355 Depreciation 596, , ,090 Other expenses 1,873,817 1,932,501 2,209,499 6,030,484 5,876,472 6,789,803 Profit before tax 2,068,981 3,003,107 2,840,693 Income tax expense (105,829) (123,038) (119,813) Total comprehensive income for the year (all attributable to equity shareholders) 1,963,152 2,880,069 2,720,880

3 Statement of changes in shareholders equity for the year ended 31 December 2013 Share Capital Revenue reserve General Banking reserve Statutory reserve Balance at 01 January ,800,330 17,671,187 2,881,121 8,056,349 36,408,987 Total Profit and total comprehensive income for the year - 2,720, ,720,880 Transfer to general banking reserve - (1,958,925) 1,958, Balance at 31 December ,800,330 18,433,142 4,840,046 8,056,349 39,129,867 Profit and total comprehensive income for the year - 2,880, ,880,069 Transfer to general banking reserve - (241,872) 241, Dividend to equity shareholders - (3,186,313) - - (3,186,313) Balance at 31 December ,800,330 17,885,026 5,081,918 8,056,349 38,823,623 Profit and total comprehensive income for the year - 1,963, ,963,152 Transfer from general banking reserve - 3,192,394 (3,192,394) - - Dividend to equity shareholders - (5,600,000) - - (5,600,000) Balance at 31 December ,800,330 17,440,572 1,889,524 8,056,349 35,186,775

4 Statement of cash flows for the year ended 31 December Profit before income tax 2,068,981 3,003,107 2,840, Cash flows from operating activities: Income tax paid (114,574) (142,209) (118,034) Depreciation 596, , ,089 Profit on sale of property and equipment 2,971 (7,188) - Write off of property and equipment 5,576 29,935-2,559,021 3,541,108 3,547,748 Adjustments for net change in assets and liabilities: Change in loans and advances to banks - 6,488,000 (6,488,000) Change in loans and advances to customers 319,239,378 (24,187,241) (195,892,467) Change in deposits from customers (49,207,003) 255,489,564 (136,781,112) Change in other assets (2,187,944) 968,621 (2,304,093) Change in other borrowed funds (156,062,797) 18,755,139 21,945,564 Change in other liabilities (392,899) (366,410) 560,913 Net cash from/ (used in) operating activities 113,947, ,688,781 (315,411,447) Cash flows from investing activities: Acquisition of property and equipment (84,967) (278,955) (1,536,085) Proceeds from sale of property and equipment (2,971) 7,188 - Net cash used in investing activities (87,938) (271,767) (1,536,085) Cash flows from financing activities: Dividend paid (5,600,000) (3,186,313) - Net cash used in financing activities (5,600,000) (3,186,313) - Net increase / (decrease) in cash and cash equivalents 108,259, ,230,701 (316,947,532) Cash and cash equivalents at beginning of year 492,450, ,220, ,167,785 Cash and cash equivalents at end of year 600,710, ,450, ,220,253 Independent auditors report to the member of Deutsche Bank (Mauritius) Limited We have audited the financial statements of Deutsche Bank (Mauritius) Limited for the year ended 31 December 2013, from which the summarised financial statements were derived, in accordance with International Standards on Auditing. In our report dated 31 st March 2014 we expressed an unqualified opinion on the financial statements from which the summarised financial statements were derived. In our opinion, the accompanying summarised financial statements are consistent, in all material respects, with the financial statements from which they were derived. For a better understanding of the Bank's financial position and the financial performance and cash flows for the year and of the scope of our audit, the summarised financial statements should be read in conjunction with the financial statements from which the summarised financial statements were derived and our audit report thereon. KPMG Ebène,Mauritius Date : 31 st March 2014 Ashish Ramyead Licensed by FRC The above information, including the independent auditors report has been extracted from the audited financial statements for the year ended 31 December It should therefore be read in conjunction with the rest of the audited financial statements.

5 Independent auditors report to the member of Deutsche Bank (Mauritius) Limited Report on the Financial Statements We have audited the financial statements of Deutsche Bank (Mauritius) Limited (the Bank ), which comprise the statement of financial position at 31 December 2013 and the statements of comprehensive income, changes in shareholders equity and cash flows for the year then ended, the notes to the financial statements which include a summary of significant accounting policies and other explanatory notes, as set out on pages 40 to 77. This report is made solely to the Bank s member in accordance with Section 205 of the Mauritius Companies Act. Our audit work has been undertaken so that we might state to the Bank s member those matters that are required to state in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Bank and the Bank s member, for our audit work, for this report, or for the opinions we have formed. Directors Responsibility for the Financial Statements The directors are responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards and in compliance with the requirements of the Mauritius Companies Act and Banking Act and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the Bank s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Bank s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a true and fair view of the financial position of the Bank at 31 December 2013 and of its financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards and compliance with the requirements of Mauritius Companies Act. Report on Other Legal and Regulatory Requirements Mauritius Companies Act We have no relationship with or interests in the Bank other than in our capacities as auditors. We have obtained all the information and explanations we have required. In our opinion, proper accounting records have been kept by the Bank as far as it appears from our examination of those records.

6 Independent auditors report to the member of Deutsche Bank (Mauritius) Limited (continued) Banking Act In our opinion, the financial statements have been prepared on a basis consistent with that of the preceding year and are complete, fair and properly drawn up and comply with the Banking Act and the regulations and guidelines of the Bank of Mauritius. The explanations or information called for or given to us by the officers or agents of the Bank were satisfactory. The Financial Reporting Act 2004 The directors are responsible for preparing the corporate governance report. Our responsibility is to report on the extent of compliance with the Code of Corporate Governance as disclosed in the financial statements and on whether the disclosure is consistent with the requirements of the Code. In our opinion, the disclosure in the financial statements is consistent with the requirements of the Code. KPMG Ebène, Mauritius Ashish Ramyead Licensed by FRC Date: 31 st March 2014

Deutsche Bank (Mauritius) Limited. Statement of financial position as at 31 December Deutsche Bank

Deutsche Bank (Mauritius) Limited Statement of financial position as at 31 December 2014 2014 2013 2012 Assets: Cash and cash equivalents 610,927,505 643,070,940 621,312,035 Loans and advances to banks